A onda de abertura de capital de bancos no Brasil
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This study investigates the wave of bank IPOs in Brazil from 2005 to 2007. We show that IPO-banks are ex-ante different from banks that continued to be privately held. Even before going public, IPO-banks were more profitable, showed a larger share of loans relative to total assets, had a lower proportion of non-performing loans and faced more capital constraints. These results show that IPOs cannot be explained simply by market timing, but are the result of superior growth opportunities of IPO-banks relative to banks that remained privately held. As such, macro-level market liquidity must be understood as a necessary, but not sufficient, condition for the occurrence of IPOs. Evidence on the effects of going public on bank performance also suggests an increase in the loans-asset ratio, accompanied by an increase in non-performing loans, even controlled by the credit boom that happened in this period. There is also evidence that IPO-banks increase their managerial efficiency, which may indicate an economies-of-scale effect.